Business Wire | Jan 7, 2022 07:00AM EST

Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Jan. 07, 2022

BOSTON--(BUSINESS WIRE)--Jan. 07, 2022--Verastem Oncology (Nasdaq:VSTM), a biopharmaceutical company committed to advancing new medicines for patients battling cancer, today announced the grant of options to purchase 1,625 shares of its common stock and the grant of 813 restricted stock units (RSUs) to two new employees. The awards were granted pursuant to the Nasdaq inducement grant exception as an inducement material to the employees' acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price equal to $2.10 per share, the closing price of Verastem Oncology's common stock as reported by Nasdaq on January 3, 2022. The stock options and RSUs that were granted to the two new employees will vest at a rate of twenty-five percent (25%) on the one-year anniversary of the employee's date of hire, with the remaining shares vesting quarterly over the next three (3) years in equal quarterly amounts, provided the employees continue to serve as employees of or other service providers to Verastem Oncology on each such vesting date.

About Verastem Oncology

Verastem Oncology (Nasdaq: VSTM) (Verastem, Inc.) is a development-stage biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. Our pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition and FAK inhibition. For more information, please visit www.verastem.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220107005020/en/

CONTACT: Investors:

CONTACT: Ajay Munshi VP, Corporate Development +1 781-469-1579 amunshi@verastem.com

CONTACT: Sherri Spear Argot Partners +1 212-600-1902 sherri@argotpartners.com

CONTACT: Media:

CONTACT: Lisa Buffington VP, Corporate Communications +1 781-292-4205 lbuffington@verastem.com